Recently, a listing brokerage instructed one of my agents to include a HUD-1 as part of our client’s offer on that brokerage’s short sale listing. To say that it was a peculiar request is an understatement; The HUD-1, which is a mandatory form in any transaction involving a mortgage financing, itemizes and documents all expenses for both buyer and seller. In New York, especially Westchester and the Metropolitan area, it is prepared by the seller’s attorney in a short sale, with approval from the bank approving the short sale, the  buyer’s attorney, their bank attorney, and the title company. Aside from the real estate commission line item, there is no involvement of the real estate agent. 

While the request was for a “preliminary” HUD-1 and not the final form, the instruction for us to provide one was ill advised and questionable to my thinking. A I said, the form includes the seller’s expenses as well. How can the buyer’s agent possibly know the seller’s mortgage amount, mortgage payoff, back taxes, back payments, or other liens and expenses? The answer is that they can’t, unless the seller provides it. Why the seller would provide such information to the other side in a transaction is beyond me. They have their own fiduciary in their listing agent and attorney. 

Maybe they had a great, innovative point; if so, I didn’t glean it from their Kramdenesque stutter when I inquired. We had an offer. They needed to present it and crunch the numbers on behalf of their client. 

Upon occassion, I am contacted by “short sale investors” who promise my full commission, will buy my listing for cash, and re-list the house with me after they close. Tantalizing, huh? Oh, just one little thing: They want to negotiate the short sale themselves. In other words, they want to be an authorized third party designated by my seller client to deal with my seller’s bank. 

No deal. You know who deals with my seller’s lender? Myself and the seller’s attorney as their fiduciary advocates. The bank won’t even talk to us for reasons of confidentiality without a signature authorization from the client. For a seller to authorize the purchaser to negotiate on their behalf with the bank for the short sale is antithetical to any agency rule on a listed home I have ever known. 

As I said, it is the seller’s broker and lawyer who negotiate a short sale in New York. There are some outside companies who are paid by the seller to do so for a fee, but I do not hire them. I refer my short sale clients to an attorney who can do short sales in their sleep. 

The point here is that everyone needs to play their position in a short sale transaction, and that our fiduciary responsibilities and duties to be an advocate don’t go out the window when a short sale is involved. 

Who negotiates for the seller? It should be the people the sellers hire, preferably their agent and attorney, not the people they sell to. 

For happy reasons, the company has joined the Staten Island Multiple Listing Service. Thankfully, my brokerage is growing, and with that we see an expansion in our service area. I had to go there today to inspect and take photographs of several properties, and while in the area I thought it best to kill two birds with one stone and apply for MLS membership in person rather than via fax and mail. 

So, in my jeans and flannel shirt I arrived at the Staten Island Board of REALTORS office and was treated as if I were wearing a tux and tails. After filling out my application and providing my letter of good standing from Westchester, I was walked through the procedures and rules by Linda in membership. She was very helpful. As a matter of fact, given that is was a Friday afternoon and they had a retreat next week, I was humbled at how much she cared. 

SI MLS does a number if things I like. For one, they have a token system for MLS log ins which is run almost exactly like a supra lockbox system: You are provided with a token which sincs with the MLS and issues a unique code to verify the log in every time you sign in. No token and update code, no log in. 

And that way, NO ONE can give MLS access to a non-member. It is brilliant security. 

Another high standard is a minimum of three (3) photos of the property are mandatory for all listings. Since some of the areas I work have listings with no photos for the entire time the home is listed, that is great. Obviously, more photos are better, and my average listing has over 20 photos, but not all brokers do that. And thee photos as a minimum is the highest set bar I have seen in 2 states and 8 MLS systems.

Lastly for this post (but certainly not for the SI MLS), all members have automatic accounts with Centralized Showing Services as part of the MLS-wide appointment system. Everyone uses CSS. No exceptions. I use CSS in Westchester, but I pay for it separately. We had a vote on making them an MLS-wide service like Staten Island, but the measure didn’t pass. They got it done on Staten Island, and that ensures better cooperation and management of showings. 

I mentioned to Linda that I am a Vice president in my home MLS, and she introduced me to their President and CEO, who were both in today. The president is actually an Active Rain member, Kathleen O’Leary. Mr. Kreuger, the CEO, had a very nice talk with me about how the MLS systems of the outer boroughs could work together better, and I will remain in touch with him on that front. 

I love professionals, and I love well run organizations. I will love doing business on Staten Island. 

Not long ago, a client requested that I run a print ad on a listing that had not yet sold. I was resistant at first because of the disappointing results my print advertising had garnered since 2005 or so, but the seller really believed it would work. My client believed that there was a demographic out there that flew under the radar of my considerable online-based marketing, and based on that theory, I contacted the paper. 

I have to say: I write a pretty good ad (pats self on back). I don’t know if it is my English degree, learning to truncate big messages into small spaces like Twitter, blogging, or my 22 years in sales and marketing. Maybe it all factors in. At any rate, my representative at Gannett was absolutely delighted to hear from me. He asked me how business, was, how my family is, and if this was a one-time ad or if I wanted it to be for several editions. It was really nice catching up with him. 

After crafting a strong advert with a URL pointing at the  property link in addition to my personal mobile phone, the advertisement ran in the weekend real estate section. 

And boy howdy, did I get calls. Over half a dozen inquiries. 

1. Inquiry Number One was a sales representative at the Pennysaver, who called on the ad posing as an interested buyer so I’d call him back. I then got a sales pitch to advertise in the Pennysaver. 
2. Inquiry Number Two was a sales representative at a New York tabloid, offering me a great deal in her paper. 
3. Inquiry Number Three was from an ethnic newspaper, promising me lots of buyers from that specific demographic if I advertise in their paper. 
4. Inquiry Number Four was another Pennysaver that serves the Bronx and lower Westchester. They think I’d sell a ton of homes were I to give them a shot. Their real estate section seems to shrink every time I check. 
5. Inquiry Number Five is a small community newspaper offering me another great deal. 
6. Inquiry Number Six was a supermarket picture booklet that also seems to have gotten a touch of anorexia since I last paid them $500 for no results. 
7. Inquiry Number Seven was a guy I met with 6 months ago who tried to sell me on advertising on supermarket shopping carts. He was curious to know if I had changed marketing philosophies. 

What can you buy in Rhinebeck for $373,000? We just listed and sold this classic 1837 colonial in the heart of the village. It is just under 1600 square feet on a third of an acre with a garage, 4 bedrooms, 2 baths, and a rocking chair porch. It was restored in such a way as to preserve the original character, with an original claw tub in the main bath, an updated kitchen, and a fist floor laundry. Rhinebeck is a beautiful village, so just walking around the neighborhood is a treat. 

Listed and sold by J Philip Real Estate with special thanks to Broker Associate Tiffany Pratt. Just 110 days on market to contract. 

What Can You Buy in Cortlandt Manor for $255,000?

Well, how about a 2700 square foot contemporary with 3 bedrooms and 2 baths on almost an acre and a half in the Croton Colony Community? This home closed last Wednesday, October 13. It has a fireplace, large eat in kitchen, sliding doors to the deck, dining room, and a bright airy feeling thanks to the skylights. It is in the Lakeland school district. The homeowners association membership includes a swimming pool and clubhouse. It was on the market only 22 days before going under contract and closed in 98 days. Clearly, the dollar buys more these days in Cortlandt Manor than even a year ago. 

The home was listed by Vivian Morales-Guerrero and sold by Ellise DiRoma, both of J. Philip Real Estate. .  

I am going to bang a drum I have been banging since the sub prime crisis in 2007 began to erode the equity of so many people, and it is simple: if the housing market is going to recover, we have to have to do better than a 20th century solution to our 21st century problem. We are facing the largest liquidation of property in the history of the republic, yet banks are doing nothing differently to dispense with their toxic assets than they were in the 1930’s, which is to foreclose, repossess, and dump. 

I would strongly assert, having worked with default properties a chunk of my career, that short sales are the answer to restoring the market to equilibrium and recovery, and yet lenders still have to be dragged kicking and screaming to the closing table when they ironically net far less after far longer on the REO side, where they are suddenly in a ridiculous hurry. 

The advantages are enormous:

• In a short sale, the bank doesn’t have to take 1-2 years to repossess the home. They avoid having a non-performing asset any longer than they have to. They get their money faster.
• In a short sale, there are no legal fees associated with a foreclosure. They save money. 
• In a short sale, the bank does not have to manage the property, put the utilities in their name, or winterize the property except in rare cases. No preservation company expenses, property management overhead, winterizations or utility costs. They save carrying costs.  
• No evictions. Short sales are seldom boarded up, vandalized, or vacant. They therefore net the lender more money.
• No sheriffs deeds, no right of redemptions headaches.
• No title ambiguities, which is a big concern in the wake of the foreclosure moratorium. 

The short sales help the borrowers as well, because they are able to dispense with the property with dignity, avoid the credit catastrophe of a foreclosure, and re-enter the pool of buyers far sooner and with less shell shock and trauma the rest of their lives.  

Sadly, the architecture of lenders is still that of 15, 25 and 50 years ago: None of the brighter bulbs work in liquidation or loss mitigation, and the staff on the REO side is the only part of their workforce motivated to sell and close. That is fine when foreclosures and distress are rare and relegated to deadbeats, but the USA didn’t become a nation of deadbeats in the last 18 months, we had our bank accounts raided. We lost our jobs. We lost our equity. And folks deserve better than hourly grunts who lose faxes, watch clocks, and treat red tape like a badge of honor.

Moreover, the American people deserve executives who can show a modicum of remorse or contrition for their royal screw up, are willing to change their corporate culture to adapt to the need for more short sales in a shorter time frame, and, maybe, just maybe, stop referring to the property in abstract terms like “assets” when they should instead understand that these are their lifeblood customers, and the “asset” is that lifeblood’s home. 

It is a shame that there is no political will on either side of the isle to hold lenders feet to the fire to affect meaningful change, and defaulted homeowners must contend with a mad race to work a miracle with an uncaring, unresponsive monolithic entity before that monster forecloses, repossesses their home, wrecks their credit and crushes their dreams. This is not progress. 

I have just listed three great homes for sale in the city of White Plains. 

1. 35 Manor Ave, White Plains NY 10605. Over 3000 square feet, 5 bedrooms, 3 baths, Full finished basement, 2 car garage, huge updated kitchen. $599,900.  
2. 8 Harwood Avenue, White Plains NY 10603. Gorgeous pre war Tudor styled ranch with a fireplace, deck, patio, fantastic woodwork, den, garage and neat as a pin. $475,000.  
3. 15 Stewart Place, White Plains NY 10603. 2 bedroom, 1.5 bath duplex condo at Heritage Towers with a fantastic location, balcony, parking space and patio in move in condition. $399,000.  

Located in northwest Westchester County, the Hendrick Hudson School district is in the town of Cortlandt and encompasses parts of Croton, Cortlandt Manor, Peekskill, and all of Montrose, Verplanck and Buchanan, which is where Hendrick Hudson High school is located. All information is from the Westchester Putnam Multiple Listing Service. 

Transaction totals are the same as 2009, with 9 closed sales each month; Median price is up from $430,000 to $535,00; and 13 homes are under contract for sale at a median asking price of $489,900, all of which are a positive movement up. The market area is quite healthy given the times we face. 

83 homes are actively for sale, giving the area ample consumer choice.

Previous posts on the Hendrick Hudson School District real estate market. 

Find a home in the area by opening a free Listing Book account. 

Since I have Croton on the mind, I’ll share a recent “date night” Ann and I had recently.

Hey. Get your mind out of the gutter. That’s my job.

We went to Memphis Mae’s, a terrific Barbecue Restaurant right in the heart of the village with fantastic ribs, wings, pulled pork, Cajun food, and plenty more. 

The decor is very nice: tin ceiling, nice, clean bar (no TV. This is not a pub, and they don’t push for a bar crowd. They are about the food), and Mardis Gras beads adorn the fixtures. 

You can get anything from a snack of wings all the way up to a nice steak dinner with all the side dishes you can think of. They have all the things you might expect, like chili, catfish and brisket, but they are creative as well: we had barbecue calamari and fried oysters. As a matter of fact, the choices and combinations were mind boggling. Click on the link and check out their menu. Or, you can check out the menu here, as modeled by the lovely (and shy) former Ms. Lee. 

The prices were very reasonable as well. 

Memphis Mae’s is located at Croton Commons, 173 South Riverside Ave, Croton on Hudson, NY 10520. They can be reached at 914-271-0125. 

Westchester residents have long known the strategic role our county plays in the New York City water supply. Our network or reservoirs, dams and aqueducts provide the lion’s share of water to the largest city in the country, but they also give us some fantastic parks and pieces of scenery. Today I had the opportunity to drive through Cortlandt Manor and Croton on Hudson, and the reservoir views with autumn here were breathtaking.

Croton Gorge Park is the site of the Croton Dam, which along with Kensico Dam helped create the whole reservoir system. The park is open from 8am to dusk, has plenty of parking and greenery, and the view of the gorge waterfall is awe inspiring. We brought the kids today and they absolutely loved it. I saved it to the GPS favorites so Ann can bring them back whenever she wants. It is 10 minutes from our home and worth a drive far longer. If you are ever near Croton or north Westchester, this is for the bucket list. 

Croton Gorge Park is just off Route 129, north of the village of Croton on Hudson. It is about 5 minutes from Route 9A. 

I thought I’d do something different and compare the 3rd quarter of 2010 with the previous years going back to 2005 to see if there was anything helpful that could be concluded. This is for single family homes sold in Westchester, and all data is taken from the Westchester-Putnam Multiple Listing Service. 

Two things jump out immediately:

1. 2009 median price was deplorable. Way down. And just to double check, I did the mean price, and it too, was also down about $100,000. 
2. After the sub prime crisis of 2007, transaction totals were way down. 

Even if you consider 2005 abnormally high and 06-07 to be more “normal,” there are 300-500 sales not happening in the years 2008-2010. More than price, that lower transaction total is where the current housing depression lives. 

Therefore, the 2010 $730,000 median price is not nearly as robust as the 2005 $710,000 median price. 800 fewer deals X $700,000 is $560,000,000, or over half a billion, less commerce. One county, no matter how affluent, cannot sustain a recovery with those numbers. All it means is that the upscale market rebounded some, buoying the lower cost market statistically, but if you didn’t sell, the only number that matters is “zero.”

While we do not know what the future holds with the foreclosure market in limbo, the numbers would indicate that we are past the nadir. 

Buy and hold. Or, buy and live. 

I wrote this as a comment on a post on defaulted mortgages, and I deemed my thoughts worth posting on their own. 

There is a difference between strategic defaults and true distress. Buy and bail strategic defaults, in other words, people who move from their $300,000 home to an identical one for $180k, say they are renting out their old home and then just mail the keys back to the lender, are not the same people stripping the copper pipes in disgust in my experience.

I speak with people facing foreclosure and short sales daily. It is a big chunk of my business. 

Many of the people who are in default were promised they could refinance out of an option ARM or exotic loan they were sold by loan officers who are all too often in another industry now.

Many are honest folks who called their lender earnestly asking for a refinance or loan modification and were told they had to default to get their loan mod…and after a year of red tape hell, outright lies and complete indifference by the merry go round of bank grunts, they face losing their homes.

You also have legions of people who lost their jobs and have scratched and clawed back to employment who can resume payment but can’t write a fat check for their arrears.

There is no simple mechanism to help these people. All we have is bank fiat, government lip service, and snark from people  pointing their bony fingers at a contract which is probably in a shredder or storage facility in India. 

That’s not the blueprint for recovery.

When will we wake up and realize that cutting the banks slack is cutting our own throats? 

Inman News published a column today entitled “Robo Scandal” Lacks Substance, Victims. Craig Swan at Bloodhound Blog opines Foreclosuregate? A scandal? If you want to sue for damages, it behooves you to have suffered a real, actual, material injury. And lastly (but probably not for long) our fellow ‘Rainer Cody Hayworth offers the solution to the economy’s woes to be allowing banks to foreclose faster. If I have one more person repeat “Ya pay ya stay ya don’t ya won’t” I’ll kick my dog. Or barf. Maybe barf on my dog. 

Perhaps we’ve lost our minds, or our hearts, or both. Foreclosure is a capital case. It involves the death of a home. It should be treated as such, with no margin for error, and reverent respect for every detail. Why? Because someone’s home is involved, that’s why. Because someone’s kid may have to be yanked out of a special education class. Because someone may need to live near, or with, their 85-year old mother. Because a pet may have to go to a shelter. Because it is their MFing home, that’s why. 

You don’t need a little old lady with a paid off house getting erroneously foreclosed to find a victim. When a judge is handed 15 files for foreclosures with the same name signed in 12 different signatures, that’s bad. Sorry. Call me crazy. Due process is what makes this country what it is. Take that away and we are a banana republic. Are 99.9% of the people in foreclosure in default? Yes. 

But are 99.9% of people in foreclosure trying to live rent free? Hardly. I have had short sales get foreclosed on with the short sale in process because the bastards at the lender wouldn’t wait a few weeks. They never got as an REO what they would have gotten in the short sale. But they did it anyway. There are legions of people in America right now who fell behind on their payments who could probably resume paying but can’t cure their back payments. You mean to tell me a forbearance on the arrears is an inferior choice to foreclosing on them? Anyone who is trying to do the decent thing by their lender and is foreclosed on 30 seconds too soon is a victim. Period. 

If so-called “procedural laxities” thwart earnest efforts to modify or do a short sale, no denial of bad intent on the banks part absolves them of wrongdoing. We live in a society where mailing a mortgage check to the wrong PO box or making the check out with a typo can cause 6 months of abject hell on good, decent people who are left to fend for themselves to fix the problem with uncaring, monolithic banks and credit agencies who execute death by red tape. These same entities can’t be held to the lawful standards in their own paperwork filings? 

Seriously? 

I cannot imagine being self employed and never reading Napoleon Hill’s Think and Grow Rich. I first read it when I was about 22 and it is one of about half a dozen books (most of which have been in print longer than I have been alive) that I consider to be Rosetta Stones of success. It was published in 1937 and over 30 million copies later remains one of the most widely read books of its kind, ranking in the top 10 business paperbacks sold 73 years after its initial release. That is staying power. 

The period the book came out was far worse than our own; the country was still in the Great Depression and people were hungry to figure out how succeed and better their lot in life. Hill, who was already an advisor to President Roosevelt, wrote the manuscript at the behest of Andrew Carnegie, one of the nation’s wealthiest men at that time. Few books maintain relevance 8 decades after publication. One might think that there is little we might relate to from 1937, what people faced, and how they lived. However, the message is timeless, and that is what makes Think and Grow Rich a classic that will probably be as important in 50 years as it was a half century ago. And to think that I first thought the title to be specious and belie a gimmick. Silly me. 

The copy I first read has long since disintegrated- my current version isn’t even dog eared. Given the times we are in, I am going to dive back in. I recall being very inspired after my first reading – I felt as if I controlled my destiny. True wealth begins in the mind. What an idea. There were many others. Read it and find out. 

If you have not read it, do so. Especially in this day and age, the message is fresh, relevant and timeless. The principles of success have no expiration date. 

“Whatever the mind of man can conceive and believe, it can achieve.”

(Si prega di perdonare il mio italiano)

Dopo il 1900, mio nonno Salvatore Faranda è venuto negli Stati Uniti d’America alla ricerca di una vita migliore. Egli è venuto a Ellis Island, come molti italiani e si stabilì a New York. Aveva solo circa 16, e non avrebbe mai vedere i suoi genitori. Ma ha lavorato duro e con mia nonna ha sollevato mio padre e zio. Nonno servita nel servizio del nostro paese nella prima guerra mondiale e ha lavorato come barbiere per molti anni.

Il nonno non è mai diventato un uomo ricco, ma aveva un cuore gentile ed era amato teneramente dai suoi figli e nipoti. Non ho mai conosciuto mio nonno. E ‘morto prima che io nascessi, ma so che sognava una vita buona per i suoi figli e nipoti. Non è stato facile per gli italiani nel 20esimo secolo, ma hanno lavorato duro per il sogno americano. Non ha mai posseduto una casa. Era un uomo semplice e pieno di speranza per i suoi figli. Mio padre ha parlato di suo padre, con amore e rispetto.

Su questo Columbus Day del 2010, voglio ringraziare mio nonno per venire in America e di iniziare una buona vita per la sua famiglia. Il nonno Salvatore, guarda dal cielo e vedere il tuo pronipoti! Vogliono per niente, dormono in letti caldi, giocare in un grande cortile e vivere senza paura o la fame.

Grazie nonno per essere venuti qui con le tasche vuote, ma un pieno di sogni nel tuo cuore! Il tuo nipoti e pronipoti vi ringrazio per averci aiutato a vivere il tuo sogno si avvera!

Traduci in inglese (non perfetto, ma avrai l’idea)

This is for single family home activity in the Pleasantville school district for September of 2010. All information is derived from the Westchester-Putnam Multiple Listing Service. Pleasantville is right next to Briarcliff Manor and has one of the best downtowns in North Westchester bar none. It is also the home of Pace University. 

Compared to September 2009, Pleasantville sales volume increased from 2 to 5 closed transactions. The median price is up about $65,000, which bodes well for the strength of values. The 9 homes under contract have a median asking price of $579,000 which is also very robust. 

It is no wonder. Pleasantville is aptly named- a gorgeous little village with beautiful homes right on the Harlem line of Metro North.  If you’d like to search for a home in Pleasantville, get yourself a free Listingbook account and search the MLS like an agent.

Previous postings on Pleasantville.

Yorktown is a large town in northern Westchester County served by both the Yorktown and Lakeland School districts. It is one town over from our office and in the heart of our company coverage area. I have heard it characterized as idyllic suburbia, and I agree. We have just helped a buyer put a house under contract in Yorktown and they are scheduled to close next month.  

This data is for the Yorktown school district only and is taken from the Westchester-Putnam Multiple Listing Service. It compares the sales of single family homes from September of 2010 to September of 2009.

Last month, I wrote the following: 

…prices are on a downward trend in Yorktown. When prices do fall, transactions will bounce back. We just got an accepted offer in Yorktown this past week, and it was a tough time getting the sellers to accept the buyer’s offer. There is still some resistance to the downward pressure on pricing. Human nature I suppose, but when sellers adjust they’ll move. Until then, they wait.

After a poor showing last month, Yorktown bounced back with 15 closings, doubling last month and higher than September 2009 by 3. Values are down $70,000 from a year ago, which is to be expected, but at least the public responded to the lower prices- witness the 19 homes under contract at a median price of $350k. As prices drop, buyers are acting, as I conjectured.  

To check out the 137 available properties Yorktown has to offer, register yourself for a free Listingbook account. 

Croton on Hudson is the village directly north of Ossining. It is a very charming locale on the Hudson with parks, great neighborhoods, and a large train station hub on the Metro North Hudson Line. My older brother and his family also live there. I used to camp at Croton Point Park as a Boy Scout, and I have many happy memories of the place. In the near future I’ll blog about some great places to dine in Croton.  

This market report is for single family homes in the Croton-Harmon school district. All data is from the Westchester-Putnam MLS. Last month stunk. This month was much better. 

Croton had 8 closings in September at a median price of $459,000, doubling the number of sales from a year before, and at a $84,000 higher median price. Very strong. 13 homes are under contract, and 65 are available for sale. The disparity between asking price of the contracted homes ($420,000) and those available ($598,000) speaks to some lofty expectations of the unsold. If asking prices come down some, watch for even healthier numbers. 

To find your dream home in Croton, get yourself a free Listingbook account. 

Previous posts on Croton on Hudson

There is one rather immutable truth to real estate: if you write a commission check, you are at a closing table selling your property. 

Which, I believe, is the point. Closing. 

Often, when listing a For Sale By Owner (most end up listing), I am asked what happens if someone who expressed interest while the home was a FSBO buys after I list the home. My answer is that if they didn’t buy then, but do buy now, then I have done my job. 

Getting them to buy is what the agent is paid for. If the seller could get them to buy, they wouldn’t need me. Just because they saw it with the owner first it doesn’t mean anything. We aren’t paid for getting people first, we are paid for getting people to the closing table. 

In other words, outcome. Results. 

Upon occasion, I will grant a seller an exclusion on certain buyers– it can be a neighbor, it can be someone who is trying to sell their place so they can buy now, or any other sort of buyer. My exclusions are not an exemption from commission, and here’s why: an offer is just a beginning. It is work and skill to affect a closing. If I gave my seller client a 0% commission for an excluded buyer, a complete exemption, then it is THEY who will have to be the agent, not me, because I can’t hold that buyer’s hand for 2-3 months for no compensation. 

If the seller client wants to handle pre-qualification, offer, negotiation, contracts, inspection, mortgage process title and closing alone on their own, they invite disaster. I never want to be in competition with a client, nor do I want to wait unpaid on the sidelines while they engage in a Do It Yourself project on the biggest transaction of their life to save a few points. A saved line item is often at a cost of a lower net, and that is not conjecture- it is a fact. I’m better than someone selling their own house. 

Exclusions make sense when a predetermined buyer comes in early in the process, saving the listing agent time and marketing resources and all parties can just do the work from offer forward to closing. There is no buyer agent to pay, and a reduction in fees can be negotiated. However, an elimination of fees altogether is penny wise and pound foolish- too much can go wrong. You want a professional working for you, and no professional can work for free. What good is “saving” the commission if it doesn’t close?  

I know I’ll hear dissent on this post, but it is my belief that the buyer agent (or listing for that matter) attending an appraisal is a waste of time in most cases. I have had situations where the borrower themselves wanted to go, and after they were ignored by the appraiser, who left 10 minutes after arrival, they turned to me and wondered aloud why the event was so, well, uneventful. 

We don’t play a part. 

I received a phone message today from a listing agent telling me that she was upset that I did not accompany an appraiser to their inspection this morning. I don’t want to ruffle her feathers, but other than opening the door, I serve no purpose. As a matter of fact, most appraisers would like to be left alone to do their job without me to contend with. In New York, appraisers are licensed and insured. They are MLS members and do not need supervision. They take pictures, measure, and leave. On average, appraisals I have attended for a regular starter home of 1500-2000 square feet take about 15 minutes or less. 

I have nothing against attending if nothing else is scheduled, but I don’t see how it helps except in rare cases, such as in a short sale. Given their rather mundane nature compared to a home tour or home inspection, I would characterize appraisals as more of a “back of the house” thing than something for public consumption. For example, a diner at a restaurant would not be very helpful in the kitchen (the back of the house), nor would they be viewed as welcome. They would pretty much get in the way. That is how I see my presence at most appraisals. There might be instances where my attendance is helpful or at least not hurtful, but being there for the sale of just being there strikes me as unneeded busy work, and I am busy enough. Appraisers don’t need me to tell them where the basement is. 

Given the local nature of our business, other areas may differ, and there are times when it can make sense. As a general practice in most of my own cases, however, I find that the only beneficiary of my trip is the gasoline companies. 

Would you as listing agent be upset if the buyer agent did not attend the appraisal?